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Crude oil passes US$94.00 a barrel; sets new all-time record high

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Wednesday, October 31, 2007

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Another record has been set in crude oil prices. The price of oil soared past US$94.00 a barrel. New York Mercantile Exchange (NYMEX) crude oil for December delivery closed at US$94.23 per barrel, after peaking at $94.74, the highest price on record. In after hours trading futures have crossed over the $95.00 per barrel mark.

On the IntercontinentalExchange (ICE), December Brent Crude also rose to a record $90.63 after touching an all-time high of $90.94 with current futures are trading at over $91.00 a barrel.

Today's rise is said to be mainly caused by the United States Department of Energy's inventory report that showed an unexpected drop in crude oil stockpiles. Last week, U.S. stockpiles were down nearly four million barrels of oil.

Tropical Storm Noel is also believed to be a cause of rising prices. Because of the storm, one-fifth of Mexico's oil production was suspended while the storm passed, but production is expected to resume by the end of today.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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